In Rio de Janeiro, one of the most important slave ports in the Americas, four out of ten cariocas were trapped in the mid-19th century. Five million Africans used forced labor to create the foundations of the Brazilian economy for almost four centuries. Now Banco do Brasil (BB), the country's oldest financial institution, has apologized to black Brazilians for their complicity in the slave trade and slavery. He did so on the eve of Black Consciousness Day, celebrated on November 20, and as part of the growing debate about how to address the enormous legacy of inequality that this inhumane business has left in today's society. Their descendants live less, become sicker, have worse jobs and are poorer than their white compatriots.
The bank apologized with one of those millimeter-precise statements that law firms prepare to shield companies. “Today's Banco do Brasil apologizes to black people for its previous versions and is committed to combating structural racism (…) in a society that bears the consequences of slavery, regardless of whether there is a, albeit indirect, There is or is not a connection between them.” Activities of previous versions [de la compañía] and the slave traders of the 19th century,” says the text published on Saturday. It is signed by its president Tarciana Medeiros, the first black woman to head the organization. And the first Brazilian on the Forbes 100 Most Powerful list.
The BB was founded in 1853 by Emperor Pedro II and is the fourth savings bank. A very well-known brand. With mixed capital, the state owns 70% of the shares, has a customer base of 75 million (a third of the population) and an extensive branch network.
The gesture of asking for forgiveness was not spontaneous, but a clever move by a group of 14 historians specializing in slavery. With the intention of opening a public debate, they decided to hold the Bank of Brazil accountable precisely because it is one of the few institutions of the time that have endured. It just celebrated its 170th anniversary. They activated the State Ministry, which acts as an ombudsman. He immediately opened a case and ordered the BB to respond.
Enslaved workers carry hoes and baskets to work in the fields, in a lithograph published around 1860. Fréderic Sorrieu (Arquivo Nacional do Brasil)
One of these academics, historian Martha Abreu of Fluminense Federal University, expressed her satisfaction on the phone from Rio: “Any reparations policy must begin with recognition. And the bank played a central role in financing the slave trade.” The slave trader José Bernardino de Sá, who sold to around 200,000 people, became the bank's largest private shareholder in 1853. “There were others, but he was the most powerful,” he emphasizes.
The idea came from frustration. “Nobody reads our articles. We always felt that our work had little impact on society. We thought that with the public ministry we would have more strength and visibility. “The bank has moved!” she says happily. The company will also provide mentorship to prepare 150 Black or multiracial employees for leadership positions. The goal is for these groups to make up 30% of management in 2025; Among other things, it accounts for 23% of initiatives.
For public ministry, forgiveness and other measures are welcome but insufficient. They have opened a public consultation asking for compensation proposals the company could adopt.
Tarciana Medeiros, first woman to head the Banco do Brasil at her swearing in on January 16, 2023. Eraldo Peres (AP)
On Saturday, on which the president of the BB apologized in writing, there was a second ceremony with a high symbolic content in Rio at the Portela samba school. The bank's head of institutional relations met with several representatives of the black movement to personally ask for their forgiveness. An extraordinary personal conversation with the emissary of the company that profited from the sale and purchase of the ancestors of half of Brazilians, one of the most fashionable companies of the time.
The venue chosen for the event might attract attention because what the hell does samba have to do with slavery? This art, which Brazil proudly exported to the world in the 20th century, was criminalized after its abolition in 1888, along with other cultural expressions that the enslaved brought with them from Africa, such as capoeira. In addition, prosecutors consider them to be crucial places to raise awareness among Afro-Brazilians of their rights. And why at Portela headquarters? Because it is a centuries-old institution. The choice of this location was also a celebratory recognition of the cultural heritage of the Afro-Brazilians.
Among those present at the event was prosecutor Junio Araújo, one of those who handled the case. From Rio he explains: “It was historic, a great success, very exciting and gratifying because of the historic request from the bank and the hope it inspires.” The next chapter, repairs.
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